This time around, the brexit is weighing down the British consumer’s spending. “The figure provides further evidence that rising prices and stagnant wage growth are squeezing consumers' pockets”, said Kevin Jenkins, Visa's managing director for the United Kingdom and Ireland.

Only last week, the Bank of England lowered its economic growth forecast for 2017 and 2018, mainly because wages are not growing as much as expected. The slower wage growth is amplified through inflation caused by the Brexit and the weaker pound.

Strong hospitality industry

Clothing sales dropped 5.2 % in July, the second largest drop in a five-year time frame. It comes as no surprise, seeing how Brits mainly import their clothing. However, at the start of July, there was a slight surge, mainly thanks to the excellent weather, but unfortunately, the sales did not sustain.

The hospitality industry did not suffer as much as the rest of the economy, because many Brits decided to go on vacation locally, spending more money in their own establishments, thanks to the weaker pound.

In 2018, Shoptalk Europe will combine with Shoptalk U.S. to create the first global event focused on retail and ecommerce innovation. First, however, Shoptalk Europe will be held on 8-11 October 2017 in Copenhagen.

(advertorial) Shoptalk Europe, the event for retail and ecommerce innovation held 8-11 October 2017 in Copenhagen, covers trends, technologies and business models reshaping how consumers discover and shop in an age of digital disruption.

(advertorial) Shoptalk Europe (8-11 October in Copenhagen) is the new event for retail and ecommerce innovation. It covers transformational trends, technologies and business models reshaping how consumers discover and shop in an age of digital disruption.

Dutch European Parliament member Marietje Schaak feels the European Commission should create a better framework for digital trade in and with European member states. Otherwise, major internet companies will decide the standards themselves, she fears.